KUWAIT--(Marketwire - 01/20/11) - Al-Dorra Holdings, a privately held Kuwaiti company, announced today the intent to IPO its newly formed subsidiary Hail First Pharma Inc. in the first quarter of this year.

According to the company, Hail First Pharma Inc. is the result of several acquisitions and or joint-ventures with international pharmaceutical companies including but not limited to Spencer Pharmaceutical Inc., a public traded company listed on the US OTC Markets (Pinksheets:SPPH - News). Hail First Pharma is poised to become the leading pharmaceutical of the Middle East with plans on developing a state-of-the-art research center in the Prince Abdulaziz bin Mousaed Economic City in the Northern province of Hail Saudi Arabia.

"The acquisitions, joint-venture as well as the financial participation from various regional and international partners will make this IPO a tremendous success," said Hussain Al-Awaid, President of Al-Dorra. "The recently announced acquisition of Spencer Pharmaceutical will provide a platform for development and enable us to immediate market a diabetic drug to the region desperately in need," further added Mr. Al-Awaid.

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